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Company registration number: 11847126
Dry Risers & Maintenance Ltd
Unaudited filleted financial statements
28 February 2023
Dry Risers & Maintenance Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Dry Risers & Maintenance Ltd
Directors and other information
Directors Mr M Gerrard
Mr P Penny
Company number 11847126
Registered office 106 Moston Lane East
Manchester
M40 3QL
Accountant JP Gallagher & Co
106 Moston Lane East
Manchester
M40 3QL
Bankers Santander Bank Plc
3 Union Street
Bury
BL9 0NY
Dry Risers & Maintenance Ltd
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 21,346 30,519
_______ _______
21,346 30,519
Current assets
Debtors 7 163,425 39,733
Cash at bank and in hand 11,630 519
_______ _______
175,055 40,252
Creditors: amounts falling due
within one year 8 ( 68,646) ( 26,377)
_______ _______
Net current assets 106,409 13,875
_______ _______
Total assets less current liabilities 127,755 44,394
Creditors: amounts falling due
after more than one year 9 ( 31,424) ( 37,974)
Provisions for liabilities ( 4,056) ( 5,799)
_______ _______
Net assets 92,275 621
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 92,274 620
_______ _______
Shareholders funds 92,275 621
_______ _______
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
Mr M Gerrard
Director
Company registration number: 11847126
Dry Risers & Maintenance Ltd
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 106 Moston Lane East, Manchester, M40 3QL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 22,404 16,911
_______ _______
5. Dividends
Equity dividends
2023 2022
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 60,000 40,000
_______ _______
6. Tangible assets
Motor vehicles Total
£ £
Cost
At 1 March 2022 and 28 February 2023 36,694 36,694
_______ _______
Depreciation
At 1 March 2022 6,175 6,175
Charge for the year 9,173 9,173
_______ _______
At 28 February 2023 15,348 15,348
_______ _______
Carrying amount
At 28 February 2023 21,346 21,346
_______ _______
At 28 February 2022 30,519 30,519
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 81,657 3,378
Other debtors 81,768 36,355
_______ _______
163,425 39,733
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 43,408 6,093
Social security and other taxes 12,097 7,181
Other creditors 13,141 13,103
_______ _______
68,646 26,377
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 20,853 21,905
Other creditors 10,571 16,069
_______ _______
31,424 37,974
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note ) 4,056 5,799
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 4,056 5,799
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr M Gerrard 14,409 ( 1,959) 12,450
Mr P Penny 12,472 ( 231) 12,241
_______ _______ _______
26,881 ( 2,190) 24,691
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr M Gerrard 19,249 ( 4,840) 14,409
Mr P Penny - 12,472 12,472
_______ _______ _______
19,249 7,632 26,881
_______ _______ _______